SEC S.p.A Completion of Acquisition (9194C)

TIDMSECG

RNS Number : 9194C

SEC S.p.A

21 April 2017

20 April 2017

SEC S.p.A.

("SEC" or "the Company")

Completion of Acquisition

SEC, the largest independent advocacy, public relations and integrated communications agency in the Italian market, is pleased to announce that it has completed the acquisition of Martis Consulting further to the statement released on 22 December 2016.

Martis Consulting has a strong track record in public and corporate affairs in Poland and throughout Europe. Its specialist consultants work in a range of sectors including oil and gas, energy and environment, financial services, healthcare, housing, justice and legal, as well as property development and transport. Revenues for the year ending December 2016 were EUR 1,442,530 (unaudited) with profit before tax of EUR 223,689 (unaudited).

The consideration, for 60% of the issued share capital of Martis Consulting, comprises a completion cash payment of approximately EUR 1.1m. The acquisition was conditional on the spin-off of a property, securities and bank loans which have duly been completed. Martis Consulting will continue to be run by existing management who retain equity in the ongoing business and are incentivised to deliver strong growth.

As outlined at the time of IPO, SEC continues its acquisition strategy as it develops an integrated marketing services business. This acquisition follows on from its recent transactions in Brussels and the UK as both the brand and offering strengthens throughout Europe. Further acquisitions in new territories are anticipated in the coming months to increase its position in becoming a leading PR and advocacy business in Europe.

Fiorenzo Tagliabue, CEO of SEC, commented: "We are delighted to have completed the acquisition of Martis which is a quality business with outstanding staff. It is one of the top five largest PR businesses in Poland with a strong corporate and public affairs offering. This acquisition complements our stated strategy of building a substantial international business with incentivised management whilst maintaining the essential culture of each individual business. We anticipate further earnings enhancing transactions this year and we will update the market on progress in our full year results in early May."

For more information:

 
  SEC S.p.A                    Telephone: [phone] 
   Fiorenzo Tagliabue (CEO) 
  WH Ireland                   Telephone: [phone] 
   Paul Shackleton              1666 
   Nick Prowting 
 
   IFC Advisory 
   Graham Herring               Telephone: [phone] 
   Tim Metcalfe                 8671 
   Miles Nolan 
 
 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

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April 21, 2017 02:00 ET (06:00 GMT)